Aventis to sell CropSciences to BASF, Bayer

 UPDATE 1-Aventis to sell CropSciences to BASF,Bayer-source 
PARIS, June 29 (Reuters) 

Franco-German life sciences firm 
Aventis is close to selling its CropScience unit in two 
parts to German chemical firms Bayer and BASF, a source 
close to the deal said on Friday. The source said Aventis 
is negotiating to sell Aventis CropSciences' insecticide 
business to BASF, and with Bayer to take over the rest. No 
deal has yet been signed. Aventis has been seeking to sell 
off CropSciences, the world's second-biggest agrochemical 
business, to focus more closely on pharmaceuticals, in line 
with its sector peers. U.S. firms Dow Chemical, Monsanto 
and DuPont were also initially interested in CropSciences, 
but pulled out of the running. Aventis CropSciences' 
insecticide operations had 2000 turnover of 1.041 billion 
euros ($882.2 million). The world leader in its field, it 
had 14 percent of market share, compared with 12 percent 
for Bayer and seven percent for BASF. CropSciences also has 
interests in herbicides, with a 10 percent market share, 
against 14 percent for BASF and three percent for Bayer. It 
also has fungicide, environmental sciences and seed 
businesses. In Germany, BASF and Bayer declined to comment 
on the news. Analysts value Aventis CropScience, in which 
Germany's Schering AG owns 24 percent, at 7 billion-8 
billion euros. Aventis's exit from its agrochemical 
business, announced about five months ago, will allow 
Aventis to refocus on its pharmaceutical business, as 
Novartis and AstraZeneca are doing. Aventis CropSciences 
turnover slipped to 4.034 billion euros in 2000, down from 
4.060 billion in 1999, hurt by poor market conditions and 
climatic factors. Its gross margin, however, improved by 
3.5 points to 50.4 percent.